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The article is focused on determination of key development directions of environmental risk management in G20 countries, based on the analysis of its current state. They are: 1) application of new classification of risk factors in environmental risk management; 2) application of new, more precise and efficient instruments and methods of environmental risks’ identification and analysis; 3) formation of publicly available environmental database; 4) integration of instruments, methods, procedures and results of evaluation of environmental risks into enterprise-wide risk management system of financial organization. It was noted in the article that financial institutions also started applying the newest methods and instruments of risk management (such as scenario analysis, stress testing, probability modeling, systems analysis, etc.). The authors claim that one of the keys to financial institutions’ success is an ability to integrate procedures, methods and instruments of environmental risk identification and evaluation results into enterprise-wide risk management system (ERM). The article also conducts a case study of application of the newest methods and instruments of environmental risk management by financial institutions in various G20 countries. The authors draw a conclusion that G20 countries, which are planning a transition to sustainable development, need to increase their efforts in order to put in place environmental risk management systems. |
